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Part 1 Introduction
PA1 Exam Review 2
Welcome
Each student should be extremely proud for being at this level of the CGA program. Each student has accomplished so much just to have qualified to be here preparing for the exam.
Your background
Your preparation to date may vary significantly from student to student. Some students may be assistant controllers, some may be audit managers, and others may be in government positions. Some students may have extensive study skills, while other students may have extensive practical experience. Therefore, your preparation techniques for the PA1 exam may vary significantly.
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Pass rate (%) 71.3 81.2 76.4 73.3 79.1 71.3 76.1
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Purpose of facilitators
timesavers inform you of PA1 format confidence builders provide information about the exam we can not teach entire CGA program in 3 hours!
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Student Questions:
I was at a PA1 lecture once, and I had a couple of excellent questions from students that I would like to share:
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How do I know how much of the technical information to study, for FA4, AU1, TX1, etc?
The answer to this question is very different for every student. But, let me assure you this is one of the most frequently asked questions. Exactly how much technical do I need to study? Only you can answer this question, but I can tell you how you can answer the question. First, the knowledge you already have would be a determining factor.
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For instance, if you are currently working on Audits in public practice, your knowledge on Assurance may be very good, but you may be a bit weak in Financial Accounting. And, if you are working for the Tax authorities, your knowledge on tax may be excellent, but your knowledge of Assurance weak. So, based on the areas of your strengths, you may have to concentrate on your areas of weakness.
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Outlines
Once you are comfortable with the types of questions, start going through and actually doing as many of the case questions as given to you. Work on preparing outline answers for as many questions as possible.
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Cases Binder
Not only should you focus on the practice exams but you should have DONE (not just read) every question in the cases binder. Practicing these questions is what will help you to be successful on the exam.
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Real example
A student contacted me once, as she had failed the PA1 exam but had successfully done PA2. For her PA2 preparation she had done every question in the cases binder and spent days going through all refreshers. She thought she knew enough from PA2 that she didnt go through all the refreshers again, and she didnt have time for the PA1 cases binder. She came to me wondering how she could have failed the PA1 exam? She had already answered the question to me! She didnt prepare the same she didnt DO THE CASES!
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Feeling overwhelmed
If you are completely overwhelmed by the amount of material and the format of the exam you are not alone. Controlling your exam preparation anxiety is truly, half of the battle. If you feel you arent ready for the exam, check with your regional CGA office to determine your options and make any necessary arrangements.
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Conclusion
Course: Exam Review: End: Part 1 Next: Part 2 PA1 Modules 1 4 (1st half) Introduction Intro 2 Resources
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Miscellaneous
There is so much information for the PA1 exam! Based on questions/concerns from other students I am trying to give as many miscellaneous points as I can remember to provide. In the next section we will focus specifically on competencies.
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Annotated solutions
After talking with many PA1 students, almost all agree that the annotated solutions are another great tool available for preparing for the PA1 exam. The annotated solutions are 2 or 3 answers from real students for each question on the exam. These answers are all passing answers, with critiques by the marker for each answer.
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Annotated solutions
I definitely recommend taking some time to look through the annotated solutions. Many of you may now be saying, but where do I find them? Module 10!
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Integration
Addition Mixing Incorporation Combination Amalgamation Assimilation
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Integration of Knowledge
In the context of PA1, integration means integration of knowledge and integration of issues. PA1 emphasizes the integration of knowledge from more than one subject area or topic. You may be required to combine knowledge of topics from different subject areas, or knowledge of different topics within the same subject area. You will be assessed on how well you apply that knowledge as a whole to the solution of problems.
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Example
For example, if a question on the financial statements of a company has financial accounting, audit, and tax implications, you are expected to deal with all three subject areas in your response unless specifically instructed otherwise.
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Different issues
In addition to integration of knowledge from more than one subject area or topic, a PA1 question may contain a number of issues that must be considered in relation to one another and as a whole. Dont treat a question as though it contains a series of separate, unrelated problems arbitrarily put together.
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Decision making
For effective decision-making, you need to consider not only the separate issues, but also their interrelationship, and therefore, the integration of issues. And, dont forget the overall goals of the organization. Look at the short & long-term.
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Professional responses
Responding solely with memorized information is not sufficient to constitute a satisfactory professional response. If a client asks a question, you cant just quote the tax act or GAAPyou must explain specifically how the rules affect his situation.
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Examiner comments
I have kept the OLD PA1 past exams that were available on line BEFORE. I think I explained that the reason they are no longer available is that the format of the exam has changed, plus, the content is OUTDATED all the recent CICA Handbook changes! Anyways, my point, I have reviewed all of the examiner comments from the old exams, and I think some of the general information will be helpful for you.
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Examiner comments
In weaker answers, the candidates sometimes appeared to be reciting memorized information from prerequisite courses without considering the facts presented or the specifics of the required.
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Examiner comments
For example, one question presented a scenario and asked what impact certain issues would have on the upcoming audit. Some candidates simply explained what an audit is, or compared tests of balances with tests of controls, or provided similar generic auditing information. You must apply the knowledge to the CASE!
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weaknesses
Repeating responses from previous questions; that is, attempting to force a response to fit a different question Not referring to the financial information in the question, or not doing any analysis or trend reviews Not demonstrating recognition of the interrelationships of issues on the financial statements Not organizing responses in a coherent structure Not preparing outlines
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Conclusion
Course: Exam Review: End: Part 2 PA1 Modules 1 4 (1st half) Intro - Resources
Next:
Part 3
Where to begin
Competencies themselves within the PA1 course are not new. Competencies have actually been in the background for a period of time. Evaluating for the PA1 exam has always been different that marking for other exams.
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Let me first assure you that the pass rates have not changed significantly with the competency reporting process. In fact, I think the pass rates may be slightly higher. To feel comfortable with the PA1 examination, evaluation & reporting process you must go through as much information as possible to understand the process.
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When you understand the process and understand the objectives, it will be easier for you to feel comfortable with the process and be successful at passing PA1. There is quite a bit of information regarding the reporting process for the PA1 examination.
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PA1 documents
If you carefully go over both of these documents you will have a clear understanding of the PA1 including
The competencies covered How the exam is evaluated
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Table 2
Competency Statements Related Course Modules
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PA1 Evaluation
While most exams are marked out of 100, the PA1 exam is not. Each competency in a question is evaluated on a scale of 1 to 5. There are several competencies in each area.
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Several Opportunities
There could be a different tax competency in 3 different areas. You do not have to get the tax part of the question in all 3 areas. As long as you attain the minimum performance level overall for tax, you would be fine for tax.
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Several Opportunities
One of the areas could be a multiple choice question, then another area in the short answer question, and then a larger tax question in the case.
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Practice Exams
There are 2 practice exams with competencies indicated. It is imperative that you go through these exams to familiarize yourself with the types of competencies and the presentation. Look at your Module 8 assignment feedback Not only should you DO the exams, but you should carefully analyze each competency as provided in the suggested solution section.
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Competency statements
Technical knowledge: Assurance Evaluates risks and business issues to determine their impact on the engagement Performance Level Descriptor Suggested Solution (For additional information on performance criteria see Suggested Solution)
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Suggested Solution
0. Did not attempt or insufficient response to evaluate 1. Unaware of the need to expand audit procedures 2. Recognized the need to expand audit procedures but did not fully explain the issue 3. Explained the need to expand audit procedures related to the existence and valuation of accounts receivable and inventory
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Suggested Solution
4. Explained the need to expand audit procedures related to the existence and valuation of accounts receivable and inventory, along with the existence and terms of capital assets and their related financing 5. Explained the need to expand audit procedures related to the short-term assets, capital assets, and their related financing, and direct labour costs
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8 Competencies (again)
1. 2. 3. 4. 5. 6. 7. Financial accounting and reporting; Assurance; General business, and Information technology; Taxation; Ethics and trust; Communicating; Integrative approach, Problem solving, and Professional self evaluation; and 8. Planning, Measuring and monitoring, Team leadership and development and Client focus.
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Conclusion
Course: Exam Review: End: Part 3: PA1 Modules 1 4 (1st half) PA1 exam evaluation & Competencies Writing Effectively
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Next:
Part 4
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Writing effectively
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Writing effectively
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Comprehensive Organization
Present your answer in a logical and easy to follow manner Avoid jumbled paragraphs and disorderly sentences Short paragraphs composed of short sentences Indent paragraphs to set off lists, equations, key ideas, etc. where appropriate Present old or given information before discussing new information Discuss ideas in chronological order Be consistent in person, verb tense, and number
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Conciseness
Write in short sentences Use a simple word instead of a long or big word Use words instead of phrases Avoid empty fillers (e.g. it is apparent, there seems to be)
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Clarity
Do not use abbreviations, except after already defined Use correct terminology Use words with specific and precise meanings Write in short, well-constructed sentences
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Responses to professionals
Response directed to professionals who are knowledgeable of most terms and concepts * Use jargon * Refer to authoritative sources (i.e. CICA Handbook, CGA Audit Guidelines, etc.) Are you writing to your Sr. Partner or client?
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Avoid
Long and boring answers, wordiness Hard to read answers Rambling on without a logical format Repetitions Simply a re-wording of the question
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Organization
1. Read the questions carefully 2. Determine the exact requirements of the question 3. Analyze the expectations readers interests, needs and
4. Re-read the question 5. Underline main points 6. Note them in the margin of your exam paper (Keyword approach) 7. Organize these ideas in a logical manner
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Development
Look more for how many points covered than the depth with one of them, quantity of points Group your points into categories
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Outlines!
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Success = Outlines
Enough can not be said about this! The key to successful completion of the PA1 exam for many students is that they make an outline for every question before they start their answers.
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****Prepare an OUTLINE****
Dont just start writing without thinking and organizing your answer!
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Conclusion
Course: Exam Review: End: Part 4 Next: Part 5 PA1 Modules 1 4 (1st half) Writing effectively Short answer questions
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Practice
As I have mentioned before, you cant actual study for the short-answer questions, but prepare. Just getting a feel for the types of questions and what type of answers is most important. Practice writing this type of answer is important to build your confidence. I am confident that by just being at this level of the CGA program, you have the knowledge, what you need to do now is know how to present your knowledge to demonstrate that you have the skills.
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Successful candidates
Organized their answer by addressing each issue together with the suggested alternative and recommendation, rather than listing all the issues, then all the alternatives, and then all the recommendations Prioritized alternatives Read the question carefully and addressed all of the required Demonstrated professional judgment by not jumping to an inappropriate conclusion Prepared an outline before writing the final answer
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Unsuccessful candidates
recited everything related to the topic rather than relating the answer to the details in the question did not read the required carefully did not prioritize the alternatives repetitive answers wrote lengthy preamble before specifically addressing the issues
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unsuccessful
reiterated the details of the question without providing any analysis did not plan answers ahead of time and were repetitive and contradictory did not include sub-headings for each section did not address all requirements of the question
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Suggested times
On the exam you will have approximately 40 45 minutes for each of the short answer questions. The suggested times are given to you on the exam (basically instead of a mark breakdown, you are given a suggested time allocation) Time management
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6. Highlight the key points in the required 7. Prepare an outline (starting with brainstorming and then organize an outline) 8. Draft the response 9. Re-read the required and ensure you have covered all parts 10.Proof read your response
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Conclusion
Course: Exam Review: End: Part 5 Next: Part 6 PA1 Modules 1 4 (1st half) Short answer questions Case analysis framework
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Importance of cases
Between 40 & 50 percent of the exam involves cases. Modules 3 5 are dedicated to cases, and module 9 & 10 on comprehensive cases. Hopefully this will make you recognize the importance of properly preparing for cases.
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Scenarios
The best way to determine if you possess the knowledge, skills, professional values and have adequate decision making skills is to give you a scenario that you might encounter as a CGA and see how you do. The scenario is presented as a case.
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Role playing
Case studies enable you to put yourself in the position of the professional accountant who faces a problem, analyze it as you see fit, and decide what action to take or recommend. Basically, you are role-playing, you are assuming the role of a professional accountant already and you are asked to handle a problem. For many of you, you already do this daily in your employment. You now just have to demonstrate in written form that you can do this job.
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Your way
Keep in mind that you are NOT required to follow strictly the case analysis framework proposed in the module. You may have already developed an effective approach to case analysis through your previous studies.
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Dont panic
Many students panic as they see the number of points in the suggested solution for the case questions. You are NOT expected to get all of the points. To reassure yourself, go back to the annotated solutions and have a look at the level of answer provided for successful marks by other students.
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Issue recognition
Go over your case again and determine what you think are the issues involved. What problems do you see? Jot down each one on the left-hand side of your exam booklet. Some students refer to this as brainstorming. It might be easier to mark the important points with a yellow marker.
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Prepare an outline
Once you have your issues, place them in an order as to how you want to deal with them make an outline a skeleton.
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Expanding on Cases
Dr. Dartnell will expand on each of these points in the second half of the exam review as he continues to work with you on Cases. A successful answer on the case part of the exam is imperative to success on the exam.
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Good luck!
I wish you all absolutely the best, as you prepare for a successful exam.
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My last words
Let my last words be,
Make an outline!
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Conclusion
Course: Exam Review: End: Part 6 PA1 Modules 1 4 (1st half) Case analysis framework
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